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Bitcoin holds at $64,000 amid rate concerns
Bitcoin's price settled near the $64,000 level during today's trading, amid a cautious sentiment among investors due to uncertainty surrounding the future trajectory of U.S. interest rates and ongoing geopolitical tensions in the Middle East. Despite this, the cryptocurrency achieved nearly 10% monthly gains in July, following a fall of over 20% in the previous month, reflecting a slight rebound after the Federal Reserve's decision to hold interest rates steady without clear signals about future hikes. Meanwhile, technology stocks, especially those in artificial intelligence, saw gains along with a strong performance from the Nasdaq index. However, the crypto market did not benefit from increased risk appetite, as tensions in the Middle East and rising oil prices continue to influence the markets, with investors closely watching their potential impact on the likelihood of monetary policy tightening. Institutional Bitcoin investments showed mixed results; some ETF funds reduced their holdings amid reassessments of interest rate expectations. Conversely, companies tied to cryptocurrencies such as Galaxy Digital and Coinbase posted quarterly losses, driven by declining Bitcoin prices and trading volumes.
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